POLITICS
NASS Pledges Support for Robust Financial System
![](https://dailyasset.ng/wp-content/uploads/2019/05/Nass.jpg)
Mr Ahmed Jaha, Chairman of the House of Representative Committee on Insurance and Actuarial Matters has reaffirmed the Federal Government’s dedication to upholding a stable financial system.
He said this at a retreat organised by the Nigerian Deposit Insurance Corporation (NDIC) for members of the 10th Assembly on Wednesday in Lagos.
Reports says that the meeting has the theme, “Maintaining a Resilient and Stable Banking System: The Role of NDIC”.
Jaha pledged the committee’s commitment to taking proactive steps toward a more robust and secure financial system in Nigeria, with a strong focus on protecting the interests of depositors.
Jaha said, “with a significant number of new members, comprising over 75 per cent of the committee in the 10th Assembly, there is a pressing need for these representatives to gain a comprehensive understanding of the intricacies of the insurance sector.
The retreat, he said, would equip members with the knowledge required to contribute meaningfully to the sector’s advancement, particularly in ensuring the safety of depositors’ funds.
Jaha added, “As the Chairman of the House Committee on Insurance and Actuarial Matters, I am deeply committed to the advancement and oversight of the insurance and banking sectors in our country.
“I believe that the stability and resilience of our banking system are fundamental to the overall economic well-being of Nigeria.
“The role of NDIC in safe guiding the interests of depositors, maintaining financial stability, and promoting public confidence in the banking sector cannot be overstated.
“It is therefore imperative that we, as representatives of the people, engage in meaningful discussions and collaborations with the NDIC to ensure the effectiveness of this mandate.
“This retreat provides us with a valuable opportunity to engage in insightful discussions, share knowledge, to gain a deeper understanding of the challenges and opportunities facing the banking and insurance industry.
“By doing so, we can collectively develop informed policies and strategies that will promote a stable, resilient, and inclusive banking system for the benefit of all Nigerians.”
He also highlighted the committee’s commitment to a collaborative approach to financial stability in Nigeria.
He emphasised the importance of strong legal frameworks for financial safety net agencies and acknowledges their critical role in protecting consumers and fostering a resilient financial system.
Jaha underscored the importance of the NDIC, while emphasising the committee’s focused approach to acquiring knowledge and contributing meaningfully towards a shared goal.
According to him, this signifies a positive intention for improved collaboration and effective depositor protection within the Nigerian financial system.
He said, “NDIC as you are all aware, provides the safety of depositors funds and promotes depositors’ confidence in the financial system in the country.
“So, the committee is ready when given the required knowledge and development, to collaborate with NDIC to make sure that we have succeeded in achieving that.”
Furthermore, on the confidence on the banking sector, he said, “As far as we are concerned and as far as the effort of the NDIC, particularly in trying to protect depositors’ funds and various banks, I am optimistic that we will not have a lot of issues.
“From my understanding, NDIC is doing everything it takes to protect depositors’ funds in our various financial institutions.”
Earlier, Mr Bello Hassan, Managing Director/Chief Executive Officer NDIC, noted that the financial indicators affirmed the robustness of the banking system.
He reassured that depositors in banks, protected by NDIC, could have confidence in the safety of their funds.
“This theme is apt given the determination of the Federal Government toward achieving sustainable growth by strengthening the financial sector to boost economic growth.
“This falls in line with the corporations’ contribution to ensuring the stability of the financial system by effectively supervising the banking sector and safeguarding depositors’ funds from the adverse effects of bank failure.”
Speaking on the sidelines, Hassan added: “The banking system, today, in Nigeria is safe and sound.
“I’m saying this not out of sentiment, but looking at the financial soundness indicators, in terms of capital adequacy, the quality of earnings, and the quality of the assets.
“So, I can confidently say that the banking system in Nigeria today as we speak, is safe and sound and depositors can continue to patronise, licensed deposit-taking institutions that are fully insured by the NDIC.”(NAN)
POLITICS
PDP Crisis: Party Chieftain Faults Kogi State Congress, Seeks Redress in Court
![](https://dailyasset.ng/wp-content/uploads/2022/09/PDP-logo.jpg)
From Joseph Amedu, Lokoja
The Kogi State Congress of the Peoples’ Democratic Party (PDP) held last Saturday August 31, in Lokoja, has been described as ‘illegal, fraudulent, null and void’.Capt. Joe Agada rtd, who made the declaration at a press briefing in Lokoja, told newsmen that the purported state congress was illegal, lacked credibility and adherence to party guidelines.
Agada maintained that his group had concrete proofs to show that the majority of delegates at the purported congress that allegedly produced, Enemona Ayebe, as state PDP Chairman was characterised with illegality and marred with anomalies. Agada stressed that the basic bloc of the State Congress which is the Three-Man Ad-hoc Ward Delegate Congress where they were supposed to elect 717 delegates in Kogi, purportedly conducted by Rt Hon. Boyelayefa Dabekeme led committee, was marred with grave anomalies and impersonation of Returning officers from FCT, Nassarawa, Imo and Kano States.He insisted that the development compromised the integrity of the ward congress and therefore rendered the entire process null and void.He added that the delegates that allegedly produced Ayebe at the purported State Congress held on August 31, 2024, was marred with impersonation of delegates across all the 21 local government areas of the state.He noted that the guidelines for the conduct of PDP Ward, LGA, State and Zonal Congresses as well as the National Convention in PDP Constitution, for the purpose of selecting party executive committees at all levels, were jettisoned.The PDP chairmanship aspirant stressed that the accreditation at the State congress was highly manipulated and populated with non-statutory delegates across the 21 LGAs of Kogi State.Agada stressed that the PDP should not see the illegality issue as a party internal affairs, but as a matter that would be challenged in Court.According to Agada, the Supreme Court has made a distinction between processes that are called internal affairs of the party, and what the Court can inquire into.”In the 2022 judgement, the Supreme Court affirmed that where an action has not taken place, it is the internal party affairs.”But where an action has taken place, an aggrieved member of the party who has locus and concerned that a bridge of the Constitution of party guidelines has been violated by the party itself, can seek redress in court.”This is why we did not participate in the purported illegal state congress because we have a focus as we have declared our abstinence,” Agada said.He added: “We will approach the Court because the injuries done to our aspirations cannot be compensated by quantum damages in lieu of the financial compensation.”It is an interest that must be protected, hence, the need for the press briefing to alert the general public of the illegality of the kangaroo PDP state congress in Kogi”.Agada noted that the Kogi PDP Caretaker Committee Chairman, Sen. Laal Danjuma; and its Secretary, Philip Gyunka, had written to the INEC, DSS and Police, PDP NWC to notify them of the anomalies that marred the purported state congress.Agada also said that aside the illegality of the congress, the purported elected Kogi PDP Chairman Enemona Anyebe, had been debarred by the PDP Disciplinary Committee in his Ogugu ward 2, from holding any party office due to anti activities.According to Agada, Anyebe was found guilty of participating in anti-part activities by Ogugu ward 2 Disciplinary Committee on May 3, 2019, which was reconfirmed on March 20, 2024, with authentic proof.He stressed that the debarred Ayebe neglected and failed to appeal the disciplinary committee actions until August 31, when the purported state congress was held.Agada emphasised that there was a subsisting Court order restraining Anyebe from holding any party office position or participating in any elective positions at all levels including party ex-officio.”My interest in seeking to become Kogi PDP Chairman is to build the party; it is all about developing the party, and not personal interest like others.”We found this party together and we believe in the objectives of our founding fathers; we will not allow it to die in our hands.”We will approach the Court to stop the PDP National Working Committee from recognizing and ratifying any purported executive that emerged from the illegal congress in Kogi. We will follow this case to its logical conclusion,” Agada said.Agada further accused the Minister of Federal Capital Territory (FCT), Nyesom Wike of using his influence to cause crises in Kogi and 10 other States across the federation during the August 31, PDP State congress, held nationwide.”Wike is the man behind the PDP crisis in Kogi as well as 10 other States across the federation during the August 31, state congresses.”The PDP at national level has not been bold enough to sanction Wike, and one single person is holding the entire party to ransom. Wike is out to weaken and destroy PDP, and he must be stopped now.”I can tell you, if PDP goes the way it is going now, then, forget about PDP in the 2027 general elections,” Agada warned.
POLITICS
INEC Urges CSOs to Scrutinise Political Parties, SIECs
![](https://dailyasset.ng/wp-content/uploads/2022/11/INEC-chairman.jpg)
The Independent National Electoral Commission (INEC) has called on Civil Society Organisations (CSOs) to extend their scrutiny to the activities of political parties and State Independent Electoral Commissions (SIECs).
CSO’s scrutiny will promote transparency and accountability in electoral processes, deepen democracy and enhance the conduct of local government area elections in Nigeria.
INEC Chairman, Prof.
Mahmood Yakubu, made this appeal when the Nigeria Civil Society Situation Room, led by its Convener, Mr Yinusa Z Ya’u, visited the commission’s office on Thursday in Abuja.Yakubu commended CSOs’ contributions to improving Nigeria’s electoral democratic process but stressed the need for them to engage other stakeholders to deepen democracy.
“Remember, most of the improvements that you see in the conduct of elections are as a result of the activism of the civil society but sometimes, the civil society is quiet about other elections.”
He emphasised that flawed primary elections and local government elections can undermine the entire electoral process.
“Take the conduct of party primaries for instance. Political parties conduct primary elections and INEC conducts secondary elections.
“So, the most important process is actually the primaries conducted by political parties. It is the candidates they present that we put on the ballot.
“Citizens can only choose from the candidates presented by political parties,” he said.
Yakubu urged CSOs to scrutinise political parties’ primary elections and SIECs’ conduct of local government elections, as these have a direct impact on the quality of candidates and the electoral process.
“Elections are conducted at the local government level by the SIECs and they declare all the candidates of the ruling party winners. Yet, we don’t hear anything from the civil society.
“At INEC, we appreciate constructive criticisms. It is an ingredient for change. But we want all the components of elections to be alright.
“We cannot have one component going right and another going another way.”
The Team Leader of the Civil Society Situation Room, Yau, noted that his organisation shares a common interest with INEC in consolidating democracy and conducting elections in Nigeria.
He highlighted the group’s efforts in mobilising citizens for Permanent Voters’ Card (PVC) collection and promoting peaceful polls in Edo.
Yau also affirmed the group’s commitment to urging political parties to play by the rules and not undermine the electoral process.
NAN)
POLITICS
TDF Faults NLC Over Tinubu’s Purported Betrayal on Fuel Price
![](https://dailyasset.ng/wp-content/uploads/2021/02/NLC.jpg)
The Democratic Front (TDF) has faulted the Nigeria Labour Congress (NLC) over claims that President Bola Tinubu betrayed or deceived them on fuel price to arrive at the N70,000 minimum wage.
TDF added that Labour and government mutually negotiated and agreed on the minimum wage.
Malam Danjuma Muhammad, the Chairman of TDF, said this in a statement in Abuja on Thursday.
He said the President could not have been emphatic and decisive on the pump price of fuel in a deregulated market.
He said: “We are disappointed with the often repeated wrong postulations of the Joe Ajaero-led NLC against the government and person of President Tinubu”.
He added that most of what the NLC said could not add up, stressing that the negotiation of the minimum wage was never debated as a condition on how much fuel would be sold.
He said that Tinubu never hid his desire or pretended over his preference to make the ideals and philosophy of a liberal free-market economy the focal point of his economic transformation agenda
“As a matter of fact, he announced an end to the age long petroleum subsidy regime in an unprecedented fashion during his inaugural speech on May 29, 2023.
This, according to him, is to herald commencement of the end of state-controlled economic policies and protectionism in the Nigeria investment ecosystem.
He said, that he believed that Tinubu would not, for whatever reason, give personal guarantee or assurance to anybody or group, on a specific price of fuel in Nigeria.
He added that the President knew that in the absence of government subsidy, such prices were solely determined by the unpredictable dynamics of market forces.
“We, therefore, view the accusations against Tinubu by Ajaero as untrue and a ridiculous attempt to blackmail the President.
” We understandably note that the withdrawal of fuel subsidy by the government has compelled the NNPCL to respond to the dictates of market forces.”
This, according to him, is in order to cope with the logistics of importing refined petroleum into the country.
” The increase in the pump price is to accommodate the landing cost of the product.”
He said that TDF expected fuel price to crash with the expected infusion of locally refined fuel from Dangote Refinery into the Nigerian market.(NAN